Ripple Price Analysis: XRP/USD confined to a tight range

Bithumb and KuCoin moved XRP worth of nearly $13 billion.
XRP/USD is locked in a tight range amid low volatility.

Tanya Abrosimova Independent Analyst

Ripple’s XRP has been sitting inside a tight range after the recovery from the recent sell-off. The third-largest digital coin is changing hands at $0.1960, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. Ripple’s market capitalization is $8.67 billion, while an average daily trading volume is $2.5 billion.

XRP is in demand in Singapore and South Korea

XRPL Monitor Twitter bot detected that over 66.3 mln XRP worth nearly $13 million has been moved on two large cryptocurrency exchanges, South Korean Bithumb and Singapore-based KuCoin over the past 24 hours. These two regions are the largest and most vibrant cryptocurrency markets operating under regulatory oversight.

XRP/USD: Technical picture

On the intraday charts, XRP/USD is hovering around 1-hour SMA50 at $0.1960. The local support is created by the lower boundary of the current consolidation range at $0.1900. It is reinforced by the lower line of the 1-hour Bollinger Band. The next barrier comes at $0.1850 (the lower line of the daily Bollinger Band) and $0.1700 reinforced by 23.6% Fibo retracement for the downside move from February 2020 high.

XRP/USD 1-hour chart

On the upside, the key resistance area is created by the upper line of the consolidation channel $0.2000 and 38.2% Fibo retracement for the above-said movement. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2140 (daily SMA100) and $0.2240 (daily SMA200).